Gold is crucial to our economy, and can be a great thing to have when the economy is unstable. If you want to explore gold and what it can do for you, you’ve come to the right place. Keep reading for several useful tips.
Do not sell your gold without first knowing what it is currently worth. If you sell gold, pieces that have various karat values need to be valued and weighted individually. Stay away from selling high-end jewelry pieces because they have more value.
Do you know how pricing on precious metals works? Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.
Look online for the most reputable gold buyer you can find. You can look at online reviews, check at the consumer protection organizations or read on message boards about complaints. When you get bids from multiple buyers, you may be able to get top value for the gold.
Schedule for a proper delivery before buying gold from any seller. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. This should be spelled out in no uncertain terms. Don’t order anything without this document.
You might have avoided gold because of the price, and chose instead to buy gold-filled or gold-plated pieces instead. You do not have to spend lots of money at a jewelry store to buy nice gold jewelry. There is cheaper gold jewelry at pawn shops or online.
Do your research and know what the latest gold price is before you sell your jewelry. This will help you set a fair price when you sell or buy. Most dealers will make you a fair offer, but some will try and rip you off.
Always research a company you want to send gold jewelry to. Find out when you will receive your payment, and get insurance for your package. Lastly, take pictures of all items you’re sending so you have proof in the event of a dispute.
When selling your gold, it is necessary to determine if you wish to sell something as jewelry or simply to get its melt value. Private sellers and pawn shops tend to only pay for melt value. Don’t lose faith; there is always someone willing to buy the item as an entire piece.
Take a look at the spot price prior to going out to purchase gold. This price can be found on a number of websites. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
Never sell your gold to someone who does not have the appropriate state licensure. You could still have a problem, but licensed buyers are more likely reputable. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.
If you’re at a gold party you should speak with the person in charge so you can figure out what karats are in the jewelry. Many times you will see the item have a stamp on it. However, at other times, there is no stamp, so a lot of reps use other ways to find out. An acid test can be a very simple way of doing this, so be aware of that.
Nearly everyone recognizes the importance of gold when it comes to safeguarding and warehousing wealth. The bumpy economic times we have seen in recent years has only accelerated this trend. These tips will help you make the most of your gold investment.